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25.05.2020 05:58 -
BOISE, Idaho
BOISE, Idaho--(BUSINESS WIRE)--Boise Cascade Organization ("Boise Cascade, " this kind of "Company, " "we, " or "our") (NYSE: BCC) at this time reported net income regarding $12. 2 million, and $0. 31 per examine, on sales of $1. 2 billion for the first quarter ended 03 31, 2020. First 1 / 4 2020 results include $15. 0 mil in addition to $1. 7 million, respectively, of pre-tax accelerated depreciation along with other curtailment related costs, or $0. 32 per reveal after-tax, due to the exact previously announced permanent curtailment regarding I-joist production at the Roxboro, North Carolina, ability.
“As we respond for the impacts and uncertainties using COVID-19, our focus remains within the protection of our affiliates, and business continuity. At the same time, we are fortunate to get entered 2020 in any sound budget, ” commented Nate Jorgensen, BOSS. “Our first quarter personal results were strong both in businesses, demonstrating the strength of our integrated attribute. We will continue for taking the necessary steps to preserve our budget and effectively support the particular customers, and ultimately will try to balance the priorities from various stakeholders that might might depend on us. "
For discussion from the impacts and our carrying on with response to COVID-19, notice "Balance Sheet and Liquidity" besides "Outlook" below.
n the top quarter 2020, total OUGHOUT. S. housing starts increased 22% than the same period last year. Single-family housing starts, the chief driver of our revenue volumes, also increased 12%.
Authentic wood Products
Wood Products and solutions revenue, including sales to Constructing Materials Distribution (BMD), amplified $0. 5 million so as to $320. 1 million for that three months ended Next month 31, 2020, from $319. 5 million for the three months ended Strut 31, 2019. The modest increase all over sales was driven mostly by higher sales numbers for I-joists and LVL (I-joists and also LVL are collectively classified as EWP). These increases appeared offset partially by decreases in sales prices along with sales volumes for plywood. On top of that, LVL net sales fees decreased and I-joists web sales prices were rather flat offer the prior year ONE-QUARTER.
Wood Products segment income decreased $7. 9 trillion in order to $3. 8 million for the three months ended Strut THIRTY-ONE, 2020, from $11. 6 million with all the three months ended 03 THIRTY-ONE, 2019. The loss of portion income was due mainly to accelerated depreciation of $15. 0 million plus various closure-related costs involving $1. 6 million from our Roxboro, North Carolina surgery treatment center, as well as decrease plywood prices. These types of decreases were offset in part by lower manufacturing charges plus higher EWP amounts.
About February 20, 2020, all of us thought to permanently curtail I-joist development at our Roxboro, North Carolina factory by March 31, 2020. From the curtailment, we noted $15. 0 k of accelerated depreciation in the course of initial quarter 2020 in order to thoroughly depreciate the curtailed I-joist items. In addition, we known down $1. 7 thousand with various closure-related costs.
Making Materials Distribution
BMD"s profit increased $142. 3 1000, or 16%, to $1, 050. 0 million using the three months ended March 31, 2020, from $907. 7 million for just about any three months ended March 31, 2019. Compared using the same quarter in this specific prior year, the overall increase together with sales was driven by just a sales volume increase of 17% offset partially that has a sales price decrease of 1%. By product assortment, commodity sales increased 11%, typical line purchases increased 23%, and sales of EWP (substantially which is sourced through our own Wood Products segment) amplified 14%.
BMD segment income increased $11. 8 multitude of to $29. 3 million in your three months ended 03 31, 2020, from $17. 5 million within your comparative prior year ONE-QUARTER. The increase in section income was driven primarily using a gross margin increase with $24. 6 million, resulting from improved gross margins in commodity merchandise and bigger sales of general series products and EWP present first quarter 2019. In which improvement was offset partially by increased selling in addition distribution expenses of $12. ONLY TWO million.
Balance Sheet as well as Liquidity
Boise Cascade worked out first quarter 2020 implementing $215. 0 million of cash and cash equivalents and also $345. 4 million along with undrawn committed bank selection availability, for total attainable liquidity of $560. 4 million. The Company seasoned $439. 9 million connected with outstanding debt at Next month 31, 2020, with no maturities before 2024.
On March THIRTEEN, 2020, we entered into the sixth amendment to that Amended and Restated Consumer credit Agreement (the Amendment) of this particular Company"s senior anchored asset-based revolving credit capability and time period loan. The Amendment extends the maturity date on the agreement from May JUST ONE SINGLE, 2022, to the earlier of (i) March 13, 2025 and (ii) 90 days in front of the maturity of our $350 trillion of 5. 625% older person notes due September A DEFINITE, 2024 (or the maturation date of any permitted refinancing indebtedness according thereof). In addition, the Amendment reduces what available for revolving lending products under the agreement by $370. 0 million so that you can $350. 0 million. The thought loan within the Credit standing Agreement remains at $50. 0 trillion.
Reacting to the actual has effects on of COVID-19, we"ve found reduced your planned cash spending with regard to 2020 via our previously expected choice of $85-to-$95 million in order to $50-to-$70 million. Included in the 2020 capital spending may be a completion of the record utilization center improvement starting at our plywood as well as veneer facility in Florien, Louisiana, and also BMD"s door shop growth in Dallas, Texas. We"ve found reduced discretionary spending in reply towards COVID-19 impact. In accessory, we have identified alternative cash saving measures which are often implemented in the in close proximity to term, the timing and extent that can depend upon the depth and duration connected with COVID-19 and its relation to our operating results.
Although significant uncertainty remains around the impact of COVID-19 at our 2020 operating final result and cash flows, we think that our cash flows from operations, combined with the actual cash levels along by using available borrowing capacity, is going to be adequate to fund debt service requirements and offer cash, as required, go with our ongoing operations, funds expenditures, funding of acquisitions, lease obligations, working cash, pension contributions, and to cover cash dividends to members of our common stock within the next 12 months. Most people expect to fill our seasonal and intra-month being employed capital requirements in 2020 out of cash accessible and, if that would help, borrowings underneath our revolving credit ability.
https://www.plywood-machine.com/Plywood-Veneer-Production-Line-pl3750996.html 201911ld
“As we respond for the impacts and uncertainties using COVID-19, our focus remains within the protection of our affiliates, and business continuity. At the same time, we are fortunate to get entered 2020 in any sound budget, ” commented Nate Jorgensen, BOSS. “Our first quarter personal results were strong both in businesses, demonstrating the strength of our integrated attribute. We will continue for taking the necessary steps to preserve our budget and effectively support the particular customers, and ultimately will try to balance the priorities from various stakeholders that might might depend on us. "
For discussion from the impacts and our carrying on with response to COVID-19, notice "Balance Sheet and Liquidity" besides "Outlook" below.
n the top quarter 2020, total OUGHOUT. S. housing starts increased 22% than the same period last year. Single-family housing starts, the chief driver of our revenue volumes, also increased 12%.
Authentic wood Products
Wood Products and solutions revenue, including sales to Constructing Materials Distribution (BMD), amplified $0. 5 million so as to $320. 1 million for that three months ended Next month 31, 2020, from $319. 5 million for the three months ended Strut 31, 2019. The modest increase all over sales was driven mostly by higher sales numbers for I-joists and LVL (I-joists and also LVL are collectively classified as EWP). These increases appeared offset partially by decreases in sales prices along with sales volumes for plywood. On top of that, LVL net sales fees decreased and I-joists web sales prices were rather flat offer the prior year ONE-QUARTER.
Wood Products segment income decreased $7. 9 trillion in order to $3. 8 million for the three months ended Strut THIRTY-ONE, 2020, from $11. 6 million with all the three months ended 03 THIRTY-ONE, 2019. The loss of portion income was due mainly to accelerated depreciation of $15. 0 million plus various closure-related costs involving $1. 6 million from our Roxboro, North Carolina surgery treatment center, as well as decrease plywood prices. These types of decreases were offset in part by lower manufacturing charges plus higher EWP amounts.
About February 20, 2020, all of us thought to permanently curtail I-joist development at our Roxboro, North Carolina factory by March 31, 2020. From the curtailment, we noted $15. 0 k of accelerated depreciation in the course of initial quarter 2020 in order to thoroughly depreciate the curtailed I-joist items. In addition, we known down $1. 7 thousand with various closure-related costs.
Making Materials Distribution
BMD"s profit increased $142. 3 1000, or 16%, to $1, 050. 0 million using the three months ended March 31, 2020, from $907. 7 million for just about any three months ended March 31, 2019. Compared using the same quarter in this specific prior year, the overall increase together with sales was driven by just a sales volume increase of 17% offset partially that has a sales price decrease of 1%. By product assortment, commodity sales increased 11%, typical line purchases increased 23%, and sales of EWP (substantially which is sourced through our own Wood Products segment) amplified 14%.
BMD segment income increased $11. 8 multitude of to $29. 3 million in your three months ended 03 31, 2020, from $17. 5 million within your comparative prior year ONE-QUARTER. The increase in section income was driven primarily using a gross margin increase with $24. 6 million, resulting from improved gross margins in commodity merchandise and bigger sales of general series products and EWP present first quarter 2019. In which improvement was offset partially by increased selling in addition distribution expenses of $12. ONLY TWO million.
Balance Sheet as well as Liquidity
Boise Cascade worked out first quarter 2020 implementing $215. 0 million of cash and cash equivalents and also $345. 4 million along with undrawn committed bank selection availability, for total attainable liquidity of $560. 4 million. The Company seasoned $439. 9 million connected with outstanding debt at Next month 31, 2020, with no maturities before 2024.
On March THIRTEEN, 2020, we entered into the sixth amendment to that Amended and Restated Consumer credit Agreement (the Amendment) of this particular Company"s senior anchored asset-based revolving credit capability and time period loan. The Amendment extends the maturity date on the agreement from May JUST ONE SINGLE, 2022, to the earlier of (i) March 13, 2025 and (ii) 90 days in front of the maturity of our $350 trillion of 5. 625% older person notes due September A DEFINITE, 2024 (or the maturation date of any permitted refinancing indebtedness according thereof). In addition, the Amendment reduces what available for revolving lending products under the agreement by $370. 0 million so that you can $350. 0 million. The thought loan within the Credit standing Agreement remains at $50. 0 trillion.
Reacting to the actual has effects on of COVID-19, we"ve found reduced your planned cash spending with regard to 2020 via our previously expected choice of $85-to-$95 million in order to $50-to-$70 million. Included in the 2020 capital spending may be a completion of the record utilization center improvement starting at our plywood as well as veneer facility in Florien, Louisiana, and also BMD"s door shop growth in Dallas, Texas. We"ve found reduced discretionary spending in reply towards COVID-19 impact. In accessory, we have identified alternative cash saving measures which are often implemented in the in close proximity to term, the timing and extent that can depend upon the depth and duration connected with COVID-19 and its relation to our operating results.
Although significant uncertainty remains around the impact of COVID-19 at our 2020 operating final result and cash flows, we think that our cash flows from operations, combined with the actual cash levels along by using available borrowing capacity, is going to be adequate to fund debt service requirements and offer cash, as required, go with our ongoing operations, funds expenditures, funding of acquisitions, lease obligations, working cash, pension contributions, and to cover cash dividends to members of our common stock within the next 12 months. Most people expect to fill our seasonal and intra-month being employed capital requirements in 2020 out of cash accessible and, if that would help, borrowings underneath our revolving credit ability.
https://www.plywood-machine.com/Plywood-Veneer-Production-Line-pl3750996.html 201911ld
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